FNBO & PenFed have come to a mutual agreement for PenFed to acquire and service the NRA credit card portfolio. On April 24th, 2020 existing cardholders will be converted to a PenFed Platinum Rewards Visa card, although users must become a member of PenFed prior to this card. FNBO had previously announced in 2018 that they would not renew the NRA cobrand credit card deal. It’s interesting that PenFed is dropping the NRA branding, either NRA wasn’t able to find a new co-branded partner or the PenFed deal was the best available or simply the co-branded partnership doesn’t make enough money for them to really worry about it all in the first place.
Hat tip to reader David W
